HomeMy WebLinkAbout5530-12.10.1923 RESOLUTION NO.
DIlSECTING THE ISSUANCE O ' STREET IMPP.O ZI4ENT BONDS IN
PAYM NT FOR PAVING ON WATER STET UN DE]'' CONTRACT NO. 13-A
WHEREAS on the 27th day of March, 1923, the Bryent
Paving Company entered' into a contract with the City of Waterloo, Iowa ,
which contract was modified by en amendment and agreement entered into
on the 14t: day of Jrly, 1923 by the said .3ryant Paving Company and the
City of waterloo for the construction o{' street improvements ti ,
Pavi 1g Contract No. 13-A by constructing new base and paving on
eater Street from the northwest line of Fifth
Street to the southeast line of Fourth street , also
from the northwest line of Fourth Street to the
southeast line of Park Avenue ,
WHEREAS the Bryant Paving Company, contractor, has fully
completed the said work, in accordance with tiro terms of its contract ,
and the said work has been duly accepted by this Council as fully com-
plying with all terms, conditions , stipulations and reTai yemen_ts of
said contract and the plans and specifications for the said work; and
WHEREAS under the terms of the said contract , and of the
resolution ordering the construction of said improvement , so much of the
cost and expenses of the said improvement as is by law assessable against
property abutting thereon or adjacent thereto ( and a..Tainst the reel estate
end personal property o-r railway and street railway companies whose tracks .
station :rounds or ri-Thts of way ere located thereon, abut thereon or are
adjacent thereto) is so to be assessed , and bonds are to be issued in
anticipation of the collection of such assessments , and payment is to
be made to the contractor under the terms of his contract to the amount
of such special assessment b ,T issuing. end delivering such bonds to him;
and
WHERZ1S the amoun which can be assessed is -1 ,754 .57.
NOT THEREFOR, Be It Resolved by the Council o ' the
City of Waterloo , Iowa, that in anticipation of the collection of special
assessments which have been made against private property abutting upon
or adjacent to the streets for and on account 9 the cost and expense
of such improvement } in_cluding railways and street railways liable for
the payment thereof) there be issued by the City of Waterloo, Iowa ,
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Street Improvement 3onos to the amount of $4 ,754 .57 . Said bonds shall
be issued under the provisions of Chapter Ei,z-ht , Title 5 of the Code of
Iowa, and amendsments thereto , shall bear date of October 22nd , 1923 A. L . ,
and shall be of the denomination of ii;500.00 each except there shall be one
bond of the amount of ,t;254.57 . They shall be numbered from 272 to 291
inclusive, and shall be divided in nine series, of which the bond numbered
272 shall constitute the first series and shall be payable on May 1st , 1925;
bond numbered 273 shall constitute the second series and shall be payable
My 1st , 1926; bond numbered 274 shall constitute the third series and shall
be payable May lot , 1927 ; bond numbered 275 shall constitute the fourth
series and shall be payable May 1st , 1928; bond. numbered 276 shell con-
stitute the fifth series and shall be payable Lay 1st , 1929 ; bond numbered
277 shall constitute the sixth series and shall be payable May 1st , 1930 ;
bond numbered 278 shall , onstitute the seventh series and shall be payable
May let , 1931 ; bond numbered 279 shall constitute the eighth series and
shall be payable May 1st , 1932; bonds Numbered 280 and 281 shall constitute
the ninth series and shall be payable May 1st , 1933,
Said bonds shall bear interest at the rate of 60 per annum,
which interest shall be payable annually, in accordance with the terms of
the coupons thereto attached , and said bonds shall be payable out of the
Proceeds of the special assessme, t above referred to . Both principal
and interest shall be payable at the office of the City Treasurer in the
City of waterloo , Iowa, said bonds shall be substantially tie following
form:
NO. ni300 .00
STRE 'T IMPROVEMENT BOND
OF TEE CITY OF WATERLOO, BLACK HnIC
COUNTY, ICffA.
The City of waterloo , Iowa , promises to pay, as herein-
after stated , to the bearer hereof, on the first day of May, A. D. 19 ,
or at any time before that date at the option of the City of Waterloo , Ia.
upon ,--riving thirty days' notice to the holder of same as shown by the
City Treasurer' s recorA., the sum of
FIVE HUNDRED DOLLARS
with interest thereon at the rate of six per cent ( 6 ) per annum,
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payable on the presentation and surrender of the interest coupon hereto
attached . Both principal and interest of this bond are payable at the
office of the City Treasurer in the City of Waterloo, Iowa.
This bond is issued by the City of Waterloo, Iowa, under
and by virtue of the provisions of Chapter Eight, Title V of the Code of
Iowa, and amendments thereto , and a certain resolution of the City Council
of said City, duly passed on the day of A. D. 1923.
This bond is one of a series of bonds of like tenor,
date and amount , except one bond is for 0254.57 , numbered 27e and is
issued for paying the cost of contracting new base and paving Water Street
as described in said resolution in said City, which cost and expense are
payable by assessment of all lots and parcels of land according to area
so as to include one--half of the privately owned property between the
street improved and the next street , whether such privately owned pro-
perty abuts upon said street or not , but in no case shall privately
owned property situated more than three hundred feet from the street so
improved be so assessed ; and it is mace by law a lien against all of said
abutting and adjacent property as hereinbefore mentioned and payable in
ten annual installments with interest on all deferred payments at the
rate of six per cent ( 67) per annum, and this bond is payable only out
of the fund created by special assessment against said property, the
proceeds of which can be used for no other purpose.
.I.ND IT IS HEREBY CERTI ` .ND RECITED that all the acts,
conditions and things required to be done precedent to and in the issuing
of this series of bonds have been done, happened and performed , it regular
and dat form as required by said law and resolution; and for the assess-
mert , collection and payment hereon of said special tax t-he full faith
and diligence of said CITY OF WAPERIAOO, IOWA, are irrevocably pledged,
IN TESTIMONY WHEREOF , the City of Waterloo, Iowa, by its
City Council, has caused this bond to be signed by its l yor and counter-
signed by its City Clerk with the seal of said City affixed, and this
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bond to be dated on the 22nd day of October, A. D .
(� or waterloo ,
T�'I€�,G�1 1 y O f City � I^f P;7 .
CountersiPner
City Clerk of City of Waterloo , Iowa .
B A CK OF BOND
Street Improvement Bond of the
City of Waterloo, Black Hawk County, Ia.
500 .00
Payable at the office of the Treasurer
of the 7ity of Waterloo , Iowa .
late October 22nd , 1923 .
Rate of Interest — Six per cont .
Interest Payable Annually.
�_
Iu12,t'11' May�S let , 19 ,
Contract No. 13-A.
t TT
i:tered. in my office trie da
of . 1 . 192 .
City Troacurer. ..
FORM OTC!' COUPON
Bond No.
Contract No. 13--A.
On t e f ir:t d?y of liLy, , the City of Uat e rlo o,
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Iowa , rromises to pay the bearer as provided on said bond the sum of
et the office of the City Treasurer of said City, being one
year' s interest on its street improvement bon& dated October 22 , 1923.
iayor,
Count etc it ned :
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Thy Clerk,
:3 IT ?1I T F lu,_T TEE MAYOR AND CITY CLERK
be and they arc hereby instructed to cause such bonds to be prepared
and when so prepared to execute said bonds; anti that the City Clerk be
and he is hereby instructed to register the said bonds in a book to be
kept for the purpose, and to then deliver the same to the City Treasurer,
who shall also register the same in a book to be kept by him for that
rurnose, and. deliver the bonds to the Bryant Pavin Combary or its
assions. iT
Adopted , passed and. ^.p-proved this . day of iy� iA
1923.
or
City Clerk, /